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Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were higher, with the Panamax Index gaining the most at 1,145 points, while the Capesize one was also on a high. The only exception was the Handysize market, which retreated by four points yesterday. Still, the index is more than 30% lower than the start of the year, with capesize average spot charter earnings showing a fall of more than 80% by reaching levels of $3,988/day, from about $24,000/day at the beginning of the year. On mid June, capesize average spot earnings fell at their lowest point since December 2008, of less than $3,500/day, with panamax vessels showing softness at levels of less than $8,000/day from more than $13,000/day at the beginning of May.
In recent comments, Golden Destiny’s analysts noted that “during the first days of July, BDI continues its upward trend with capesize average spot earnings surpassing the barrier of $5,000/day and panamax earnings climbing to more than $8,000/day. Smaller vessel categories, supramax and handysize units are showing firmness at levels of more than $13,000/day and $10,000/day respectively. The positive performance of smaller vessel categories has been supported by increased movement of grains and a number of minor bulk cargoes, while the fragile Chinese iron ore and coal demand impaired the demand for capesize and panamax tonnage. Chinese demand for imported iron ore cargo posed weakness in June due to a tremendous decline in steel production and a large amount of iron ore stockpiled at Chinese ports, despite the rise of Chinese iron ore imports in the first five months of the year to around 300.1mt, up 9% year-on-year” they said.
Still, as Maria Bertzeletou noted in the latest weekly report from Golden Destiny, the prospects for the second half of the year aren’t yet promising in all for the dry bulk market. “Chinese steel production has not yet recovered, port stockpiles are elevated, above 96 million tons of iron ore and 8.7 million tons of coal, while Chinese iron ore demand is expected to show not significant strength in the coming weeks. Chinese demand for imported thermal coal is also poised to remain low on the short term, as power plant and coal stockpiles remain high and hydropower production continues to be on rise. However, peak summer electricity demand season is underway in China and a rebound in thermal coal fixture volume is likely for the second half of the year with stronger panamax earnings. Top grade iron ore price shows sings of weakness with the benchmark 62% iron ore content price falling to $135/tonne as Chinese steelmakers have reduced their purchases from declining steel production that has hit the iron ore supply chain” she said.
She also added that “despite the recent negative picture of capesize ton mille demand, there is still faith in the segment as Chinese government’s stimulus measures in the industrial sector may bring firmer iron ore demand, but it seems difficult the capesize average spot earning to surpass the levels of $10,000/day as they are struggling to perform in the current vessel’s supply figures, when in December of 2011, they were floating at levels near to $30,000/day. Under the current fundamentals, shipping players prefer to move towards the scrapping of overaged large sized vessels, capesizes and panamaxes, with secondhand investments being on the frontline as more preferable type of investment than the construction of new units.
Secondhand asset prices have plunged from the first half of 2011, especially in the large sized vessel segments, capesize and panamax, with the BDI triggering further falls during the second half of the year. According to the Baltic Exchange’s Sale and Purchase Assessments, the value of a 5yrs old capesize of 172,000dwt has dropped to about $33,4mil from $42,9 at the end of June 2011, while at end of June 2008 was more than $153mil. In the panamax market, the value of a 5yrs old vessel of 74,000dwt is now at near $23mil, from $30,8 at the end of June 2011, while at the end of June 2008 was more than $88mil. In the supramax segment, the value of 5yrs old vessel of 52,000dwt is now in the region of $22mil from $27,5mil at the end of June 2011, while at the end of June 2008 was at more than $75mil” she concluded.
Still, for the time being Capesizes are currently earning $7,904/day, an increase of $3,916/day from a week ago, while panamaxes are earning $9,002/day, an increase of $1,167/day. At similar week in 2011, capesizes were earning $13,995/day, while panamaxes were earning $13,471/day. Supramaxes are trading at $13,556/day, up by $411day from last week’s closing, 72% and 51% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,443/day, hovering at 3.9% lower levels than capesizes versus 72% today’s higher levels. Handysizes are trading at $ 10,309/day; down $105/day from last week, when at similar week in 2011 were earning $10,422/day.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 11 August 12
INDONESIAN COAL REFERENCE PRICE HAS LOST 27.78 PERCENT YOY
COALspot.com - Indonesian HBA fell again in August.
The monthly coal reference price for coal sales this month fell 3.32 percent. HBA fell ...
Saturday, 11 August 12
SUB-BIT INDONESIA COAL SWAPS SEEN MOVING IN THE RIGHT DIRECTION
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.29 percent W-o-W on Friday (10 August 2012) closing but lost 1 ...
Friday, 10 August 12
DRY BULK MARKET DROWNING FROM TONNAGE OVERSUPPLY - HELLENIC SHIPPING
The dry bulk market has been overflowing with new building vessels, despite the fact that demand is more or less (and minus the seasonal factors) ri ...
Thursday, 09 August 12
3RD ANNUAL SHALE GAS
Press Release - With the North American shale gas boom, IBC’s 3rd Annual Shale Gas explores optimal strategies to monetize Asia’s domest ...
Wednesday, 08 August 12
EXPLOITASI AIMS TO RAISE RP 2.7T FOR ACQUISITION - THE JAKARTA POST
The Jakarta Post reported that, publicly listed coal miner PT Exploitasi Energi Indonesia (CNKO) is seeking to raise Rp 2.7 trillion (US$286.2 milli ...
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- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- VISA Power Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- The University of Queensland
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
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